Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
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Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the assessee. - Referring to legal precedents, the ITAT highlighted that the penalty under Section 271(1)(c) can only be levied if there is concealment or furnishing of inaccurate particulars, which must be determined with reference to the returned income. - As there was no discrepancy between the returned and assessed income, the tribunal instructed the A.O. to delete the penalty imposed under Section 271(1)(c).
Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the assessee. - Referring to legal precedents, the ITAT highlighted that the penalty under Section 271(1)(c) can only be levied if there is concealment or furnishing of inaccurate particulars, which must be determined with reference to the returned income. - As there was no discrepancy between the returned and assessed income, the tribunal instructed the A.O. to delete the penalty imposed under Section 271(1)(c).
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